Benchmark indices fell in the afternoon session on Wednesday with indices seen snapping a seven-session gaining streak. Sensex slipped 711 pts to 77,304 and Nifty lost 180 points to 23,487. Investor wealth fell to Rs 412.68 lakh crore on BSE today against Rs 414.94 lakh crore on Tuesday.
Zomato, NTPC, Tech Mahindra, Axis Bank, Bajaj Finance, Kotak Bank, Infosys, SBI and Maruti were the top Sensex losers falling up to 3.5%.
Investors are booking profits after a rally of seven sessions, which have dragged the benchmark indices.
The upcoming monthly expiry tomorrow has also unnerved market participants.
"Given the upcoming monthly expiry and ongoing global developments, some volatility is likely to surge. Therefore, a pragmatic approach is necessary for market participants," said Sameet Chavan, Head Research, Technical and Derivative - Angel One.
As the April 2 deadline approaches, the uncertainty on the global tariff front has kept global markets including India volatile. On April 2, US President Donald Trump is likely to make some key tariff announcements against trading partners he has accused of unfair trade practices. "There will be some exceptions, but not too many," Trump recently said.
A fall in the rupee also led to negative sentiment on the Dalal Street. The Indian currency weakened by 6 paise to 85.78 against the US dollar on Wednesday affected by the recovery of the American currency in the overseas market.
Meanwhile, BSE midcap index slipped 246 pts to 41,658 and BSE small cap stock index tanked 629 pts to 46,440 level.
BSE banking index slipped 729 pts to 58,850 and BSE healthcare index fell 558 pts to 41,437. BSE oil and gas index slipped 354 pts to 24,751.
However, BSE auto index gained 41 points to 48,784.
As many as 61 stocks hit their 52-week highs today. On the other hand, 252 shares fell to their 52-week lows on BSE.
Out of 4,116 shares traded, 939 stocks were trading in the green on BSE. Around 3053 stocks were in the red and 124 stocks remained unchanged.
Around 381 stocks hit their lower circuits. On the other hand, 136 shares hit their upper circuit limits amid highly volatile sentiment on BSE and NSE.
Previous session
Sensex closed 33 pts higher at 78,017 and Nifty rose 10 points to 23,668.65 on Tuesday. Investor wealth stood at Rs 414.94 lakh crore on BSE.